We have another Good News from El Salvador for crypto investors. El Salvador government is installing 200 ATMs across El Salvador country to exchange Bitcoin, which is another big step in making Bitcoin Legal Tender in El Salvador.
Now the citizens of El Salvador can use the Bitcoin ATMs to convert their Bitcoin into US dollars and withdraw dollars as cash. This new step by the El Salvador government is a part of making Bitcoin a legal tender in the country.
On 24 August 2021 the President of El Salvador Nayib Bukele tweeted that, “the government will facilitate the buying and selling of #Bitcoin in El Salvador through its new Chivo App without collecting any commission.“
Nayib Bukele announced that the transactions will be commission-free using these ATMs. There will be 50 financial branches in the country for deposit and withdrawal of money. These transactions can be processed via the government-owned Chivo app without any transaction charges.
According to news sources, the government has also set up a fund of $150 million to help to convert BTC to USD. This new El Salvador Bitcoin law will be applicable from 7th September 2021.
To use these facilities El Salvador’s citizens can download the Chivo Digital wallet. The users of this app will also receive $30 worth of BTC as a welcome bonus when they sign up.
President Nayib Bukele said that the introduction of Bitcoin will save $400 million annually in fees for receiving remittances from abroad.
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I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.